HSBC launches specific services for SMEs

HCM City (VNA) - The Hong Kong and Shanghai Banking Corporation (HSBC) on
September 29 launched specific banking services for small-and medium-sized
enterprises (SMEs) in Vietnam .

The SMEs will enjoy an exemption of fees for transferring money into
accounts and reductions of between 40 percent and 55 percent on money
transfer fees.

HSBC Director in charge of business financial services Huynh Buu Quang said
the services target SMEs that are involved in import and export and have
an annual revenue of less than 10 million USD.

Quang also said HSBC's strategy is in line with the Vietnamese Government's
policy to boost the development of SOEs and create a level playing field for
both local and foreign companies.

Up to 95 percent of the total 260,000 businesses in Vietnam are SMEs,
contributing one third to the country's GDP. Around 320,000 SMEs are
expected to be set up in the 2006-2010 period, making up 40 percent of the
national GDP.